How does Windows Notepad interpret characters?
If the file only contains these three bytes, then there is no information at all about which encoding to use.
A byte is just a byte, and there is no way to include any encoding information in it. Besides, the hex editor doesn't even know that you intended to decode the data as text.
Notepad normally uses ANSI encoding, so if it reads the file as UTF-8 then it has to guess the encoding based on the data in the file.
If you save a file as UTF-8, Notepad will put the BOM (byte order mark) EF BB BF at the beginning of the file.
Notepad makes an educated guess. I don't know the details, but loading the first few kilobytes and trying to convert them from UTF-8 is very simple, so it probably does something similar to that.